The American Dream consists of baseball, warm apple pies, and homeownership. As I near the end of my mid-twenties, many of my peers are trying to realize the American Dream of purchasing their perfect starter home. Over the years, my cohorts have casually been looking to find the deal of the century in a move-in-ready starter home at a low price. But even the starter homes that require major renovations and improvements have come with lofty price tags.
Whether you are a first time home buyer or a seasoned mover, there are many intricate details involved with taking out a mortgage. If you are purchasing or refinancing a home, there may be an opportunity to lower the interest through buying mortgage points. Although a lower interest rate sounds appealing, there may be drawbacks depending on your unique situation.
On December 22nd, the Tax Cuts and Jobs Act of 2017 signed into law changed the tax landscape for individuals and corporations. Although there are many modifications to the tax code that will affect all Americans, the mortgage interest itemized deduction directly affects current and future homeowners.